Ladies and gentlemen, good afternoon. Welcome everyone to BlackRock TCP Capital Corp.'s Fourth Quarter and Full Year 2019 Earnings Conference Call. [Operator Instructions]
And now I would like to turn the call over to Katie McGlynn, Director of BlackRock TCP Capital Corp. Global Investor Relations team. Katie, please proceed.
Thank you. Before we begin, I'll note that this conference call may contain forward-looking statements based on the estimates and assumptions of management at the time of such statements, and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties and actual results could differ materially from those projected. Any forward-looking statements made on this call are made as of today and are subject to change without notice. This morning, we issued our earnings release for the fourth quarter and full year ended December 31st 2019. We also posted a supplemental earnings presentation to our website at tcpcapital.com. To view this slide presentation, which we will refer to on today's call, please click on the Investor Relations link and select Events & Presentations. These documents should be reviewed in conjunction with the Company's Form 10-K which was filed with the SEC this morning.
I will now turn the call over to our Chairman and CEO, Howard Levkowitz.
Howard M. Levkowitz
Thanks, Katie. I'm here with our TCPC team, and we thank everyone for participating on our call today. I will start with an overview of our performance in 2019 and then our CFO, Paul Davis will review our financial results. After Paul's comments, I will provide some closing remarks before opening the call to your questions.
Beginning with our key accomplishments in 2019, which are summarized on slide 4 of our presentation. First, we leveraged both our longstanding relationships with borrowers and deal sources and the power of the BlackRock platform to identify attractive investment opportunities. For all of 2019, we invested $700 million in 45 investments, almost 45% of which came from existing portfolio companies. We also continue to emphasize portfolio diversification. Our average portfolio company investment was just $15.7 million or less than 1% of total investments as of December 31st, 2019. Second, we generated $94.9 million of net in trust income, a slight increase from 2018, despite the pressure on yields in 2019 from a decline in LIBOR. We also continued our track record of covering our quarterly dividend every quarter for nearly eight years. Third, we continue to seek debt financing on attractive and shareholder friendly terms. Towards this effort, we successfully issued a total of $200 million of notes due 2024 at a rate of 3.9%. This is significantly lower than the 5.25% convertible notes that matured in December and we also reduced the rate on our SVCP credit facility by 25 basis points.
Finally, in connection with our shareholders approval of an increase in our regulatory leverage limitation early in 2019, we reduced the management fee to 1% on assets financed with leverage greater than 1 to 1 [Phonetic]. We reduced the incentive fee rate to 17.5%
Howard M. Levkowitz
Chairman of the Board and Chief Executive Officer
Paul L. Davis
Chief Financial Officer
President and Chief Operating Officer
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